The long awaited though not entire student loan forgiveness package is expected to be announced tomorrow by the government. According to reports, multiple reports place the initial forgiveness amount at $10,000 — though it is unclear or Democrats would be able to go any further. Republican opposition to any form of student loan forgiveness is almost universal as it is staunch.
The initial forgiveness will apply to folks who earn less than $125,000 a year. Additional forgiveness is likely also on the way according to numerous reports but would be explicitly tailored to particular groups and subsets over others. CNN reports that one of those additional routes would apply to Pell grant recipients though this part is informal and is not set in stone yet.
The administration reportedly hopes to address subsets of the American population hit hardest by the staggering amount of debt most students carry. Given that education in America has never been free — the numbers are astronomical to anyone looking to the inside from the outside.
Biden has already cancelled more than $32B in debt for students largely defrauded by their schools or those who are indefinitely disabled.
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